Institutional adoption of Bitcoin proxy stocks continues to accelerate at a breakneck pace.
According to a recent filing, legacy wealth manager Rockefeller Capital Management, which oversees a massive $198 billion in assets, has aggressively expanded its position in the Bitcoin treasury company Strategy Inc. (MSTR).
The firm increased its holdings by a rather impressive 146%. It currently holds a total of 198,283 shares. This position is worth approximately $28 million at press time.
Strategy surges over 9%
The shares of Strategy surged over 9% today, mirroring the ongoing Bitcoin rally.
The leading cryptocurrency is up by nearly 8%. It is currently on track to reclaim the $73,000 level.
Institutional FOMO
Rockefeller is far from the only major player heavily accumulating MSTR. Over the past two weeks, a flurry of institutional filings and market data have highlighted an intense wave of interest in the Bitcoin treasury firm:
In late February, Europe’s largest asset manager with $2.8 trillion under management disclosed a massive 373% increase in its MSTR position.
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Amundi bought an additional 3.77 million shares, bringing its total holdings to a staggering 4.79 million shares ($641 million).
A day prior, South Korea’s National Pension Service (NPS), the world’s third-largest pension fund, boosted its position by 20% to 614,409 shares ($83.2 million).
On March 2, Strategy announced a 25 basis point dividend increase on its perpetual preferred stock, Stretch ($STRC), bringing the yield to 11.5%.
The momentum has even caught the attention of high-net-worth executives. Former Sotheby’s CEO Tad Smith publicly noted on February 27 that he is “torn between selling $STRC to buy more $STRK and $MSTR right now.”